with the alcohol be it 10% or 85% you do need an upper lube for the valve stems ect. i like Marvel Mystery oil. i all so use a top cylinder lubricator, like http://www.ampcolubes.com/........check it out. its a lot like the org Marvel Mystery Oiler.
No, you don't need top end lube with e85...you do with methanol, but not with e85 (thanks to the 15% gasoline).
I converted my carb to e85 in the spring and I have been VERY happy with the results. The short version is, it runs WAY cooler, picked up over 2 tenths in the 1/4 mile, WAY cheaper than race gas, and it is super consistent once you get it tuned. It took me a while to get my setup tuned well, and I had to buy a wideband to assist because it is very hard to read the plugs (e85 burns very clean).